Chap. 96.—An ACT to amend and re-enact section 77 of an act entitled an act to
amend and re-enact the charter of the town of Martinsville, in the county of
Henry, approved March 3, 1892, as heretofore amended. {fH B 108]

Approved March 4, 1924.

1. Be it enacted by the general assembly of Virginia, That section
seventy-seven of an act entitled an act to amend and re-enact the
charter of the town of Martinsville, in the county of Henry, approved
March third, eighteen hundred and ninety-two, as heretofore amended,
be amended and re-enacted so as to read as follows:

Section 77. The town council may, in the name and for the benefit
of the town, contract. loans, or cause to: be issued certificates of debts,
or bonds, for water, lights, or any other public improvements in said
town; provided no such certificates of debts, or bonds, shall be issued
by the council without first being authorized by three-fourths of the
free-hold voters and a majority of the registered voters, of said town
voting at an election held for the purpose of authorizing said issue, and
by two-thirds of the whole council; said certificates of debt or bonds
shall run for a period of thirty-four years, and shall bear no rate of inter-
est in excess of six per centum per annum; provided, further, that said
town may contract loans, not in excess of one hundred thousand dollars
and not to run for more than five years, and to issue therefor its prom-
issory notes, bonds, certificates of debt, or other negotiable or non-
negotiable, obligations, bearing interest not in excess of six per centum
per annum, for the purpose of paying or refunding outstanding warrants,
notes and other short term indebtedness of said town, and for the
further purpose of improving the streets and alleys in said town, or for
any other municipal purpose, without being first authorized to do so by
the voters of said town as hereinbefore provided as to long term obli-
gations; and provided, further, that at no time shall there be outstand-
ing at any one time such short term obligations in excess of one hundred
thousand dollars, and at no time shall the indebtedness of said town,
including such short term obligations, exceed twenty per centum of the
assessed value of real estate and personal property therein. Any and
all interest bearing obligations of said town, heretofore issued, con-
forming to the provisions of this act are hereby expressly validated.

All general laws of the State of Virginia and all provisions in the
charter of said town in conflict with this act are hereby repealed so far
as the town of Martinsville is concerned.

2. Anemergency existing, this act shall be in force from its passage.